What is VeChain (VET) VeChain Thor (VTHO) ?

VeChain Official Logo
VeChain Official Logo

VeChain is a blockchain platform designed to enhance supply chain management and business processes. The Vechain platform has two tokens: VeChain Token and VeChainThor Energy. The former is used to transfer value across VeChain’s network, and the latter is used as energy or gas to power transactions. By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought. The VeChain platform claims to provide a 360-degree view of necessary information linked to a product and its business processes – such as storage, transportation, and supply to authorized stakeholders and create greater market transparency. VeChain is among the few blockchains that already has a substantial customer base among established companies. Initially, the VEN token functioned on the Ethereum blockchain. The VTHO token stands for VeChainThor Energy and is also known as VeThor Energy. It is used to power transactions on VeChain and is equal to the cost of conducting transactions on its blockchain. The VeChainThor blockchain uses Proof of Authority as a consensus protocol. Per this protocol, votes are disbursed based on VET holdings and disclosure. In February 2018, VeChain rebranded to VeChain Thor.

Original author – Sunny Lu
Initial release
 – 30 June 2018
Development status – Active
Website –  vechain.org

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